Homeowners in London and St. Thomas looking to sell may want to do so now, based on a record-setting report just released by the region’s realtors.
The London and St. Thomas Association of Realtors (LSTAR) announced that June 2016 was the best June on record for real estate.
“April 2016 was the best April ever. May 2016 lost out to May 2007, the best month in the history of LSTAR, by only seven units. And June was the best June ever,” Stacey Evoy, president of LSTAR said.
Last month, a total of 1,133 homes exchanged hands, an increase of 8.6 per cent in year-to-date sales.
According to LSTAR, 1,612 homes were listed in June -down 9.2 per cent from last year.
“We are still waiting for CMHC to make the final deliberation, but, from where we stand, it sure looks like we’re starting to move from a balanced market into a seller’s market,” Evoy said.
In St. Thomas, sales were up 5.4 per cent. The average price of a home in St. Thomas this year stands around $232,853, up 1.1 per cent.
The best-selling house style in LSTAR’s jurisdiction last month was the two-storey.
Evoy stated that the recent streak in London and St. Thomas is not adding to the housing bubble.
“Certainly the markets in Vancouver and Toronto could be cause for concern, but we have no such fears for the London and St. Thomas area. Over the past two decades, average prices have risen at the slow but steady rate that realtors like to see; they are not inflationary. That means they will better maintain their value in the event of turbulent times,” Evoy said.
According to recent research conducted by the Altus Group, one job is created for every three real estate transactions and approximately $55,000 in ancillary spending is generated every time a house changes hands in Ontario.
Evoy stated that June home sales in LSTAR’s jurisdiction have spun approximately $62,000,000 into London’s and St. Thomas’ economies, while creating approximately 377 jobs.
“The buying and selling of homes plays a vital role in keeping our economy growing and, here at LSTAR, we’re very proud of that fact,” Evoy said.